DALLAS-After a year of due diligence, High Street Residential, a Trammell Crow Co. subsidiary, has come up with a $50-million-plus plan to renovate the 80-year-old Maple Terrace Apartments into condos and add a 16-story residential tower and eight townhouses to the 3.35-acre landmark property in Uptown.

High Street and JER Partners, the McLean, VA-based division of JE Robert Cos., acquired the 80-unit Maple Terrace Apartments at 3001 Maple Ave. at the end of the third quarter from Dallas-based Circa Capital Inc. With the deal now done, the developer has scheduled sales to begin in March. Prices have yet to be firmed up, but the best guess is they will run from $300 per sf to $350 per sf, a price point not commonly found among the upscale rental and condo stock in Uptown and Turtle Creek. "We feel like we will be at a good price point," says Harry Lake, TCC's development manager. "It's a good value that's not currently being met in the market."

Lake tells GlobeSt.com that construction will begin next summer, possibly early fall, for the renovation as well as the new tower, which will have 11 stories of condos atop five floors of parking to replace surface spaces. The development group has mapped out 53 condos for the existing 80-unit building, 162 condos in the tower and eight two-story townhouses--all positioned around an Italianesque courtyard. Units will begin delivering a year after construction starts.

Lake says Maple Terrace's occupancy historically hovered 80%, but as word got out about the plan "people starting getting on the list so they could have a position in line." The existing tenants, some there more than 50 years, get first dibs on the condos and moving assistance plus a place to stay during construction. Given the demand, he says it's highly likely the project could sell out before the one- and two-bedroom units come on line.

Rhonda St. James, the Maple Terrace sales manager for Chicago-based Garrison Partners Inc., says negotiations are under way with apartment properties in the area and moving companies to make the move-outs as easy as possible on tenants. All existing leases will be honored, she stresses. Only "two or three" apartments are vacant.

Lake says the redevelopment will cost at least $50 million and could push $100 million. By gaming out a condo plan, the development group is able to save the landmark building although it would have been cheaper to raze it. "We wanted to find a way to save the building," he explains. "It's worth spending the extra money to keep it. We're preserving a lot of the character."

High Street Residential is led by Art Lomenick, one of the region's most formidable luxury multifamily property developers. RTKL Associates Inc.'s Dallas office did the landscape design. WDG Habib Architecture Inc. of Washington, DC, which has a local office, has crafted the redevelopment design.

DALLAS-After a year of due diligence, High Street Residential, a Trammell Crow Co. subsidiary, has come up with a $50-million-plus plan to renovate the 80-year-old Maple Terrace Apartments into condos and add a 16-story residential tower and eight townhouses to the 3.35-acre landmark property in Uptown.

High Street and JER Partners, the McLean, VA-based division of JE Robert Cos., acquired the 80-unit Maple Terrace Apartments at 3001 Maple Ave. at the end of the third quarter from Dallas-based Circa Capital Inc. With the deal now done, the developer has scheduled sales to begin in March. Prices have yet to be firmed up, but the best guess is they will run from $300 per sf to $350 per sf, a price point not commonly found among the upscale rental and condo stock in Uptown and Turtle Creek. "We feel like we will be at a good price point," says Harry Lake, TCC's development manager. "It's a good value that's not currently being met in the market."

Lake tells GlobeSt.com that construction will begin next summer, possibly early fall, for the renovation as well as the new tower, which will have 11 stories of condos atop five floors of parking to replace surface spaces. The development group has mapped out 53 condos for the existing 80-unit building, 162 condos in the tower and eight two-story townhouses--all positioned around an Italianesque courtyard. Units will begin delivering a year after construction starts.

Lake says Maple Terrace's occupancy historically hovered 80%, but as word got out about the plan "people starting getting on the list so they could have a position in line." The existing tenants, some there more than 50 years, get first dibs on the condos and moving assistance plus a place to stay during construction. Given the demand, he says it's highly likely the project could sell out before the one- and two-bedroom units come on line.

Rhonda St. James, the Maple Terrace sales manager for Chicago-based Garrison Partners Inc., says negotiations are under way with apartment properties in the area and moving companies to make the move-outs as easy as possible on tenants. All existing leases will be honored, she stresses. Only "two or three" apartments are vacant.

Lake says the redevelopment will cost at least $50 million and could push $100 million. By gaming out a condo plan, the development group is able to save the landmark building although it would have been cheaper to raze it. "We wanted to find a way to save the building," he explains. "It's worth spending the extra money to keep it. We're preserving a lot of the character."

High Street Residential is led by Art Lomenick, one of the region's most formidable luxury multifamily property developers. RTKL Associates Inc.'s Dallas office did the landscape design. WDG Habib Architecture Inc. of Washington, DC, which has a local office, has crafted the redevelopment design.

I was in Dallas again yesterday and was amazed at the amount of construction going on, both in Uptown and Downtown. You have a veritable crane city right now!

__________________"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."

I was in Dallas again yesterday and was amazed at the amount of construction going on, both in Uptown and Downtown. You have a veritable crane city right now!

__________________"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."

A seniors housing developer has taken the wraps off its latest project in North Texas – a 22-story Turtle Creek high-rise.

Virginia-based Sunrise Senior Living has been working since early this year to complete plans for the residential tower on Hall Street.

Now the developer is moving ahead with the building, which will start construction early next year.

The Sterling at Turtle Creek will have 142 condos.

The units will start at between $375,000 and $400,000.

Unlike some other seniors' complexes that are rental or where the residents don't hold a deed to the property, the Sterling tower will be set up as traditional condominiums, said Nanci G. Wechsler, Sunrise Senior Living's national marketing director.

"It's for seniors who really want the advantages of homeownership, including the investment potential," Ms. Wechsler said. "The folks we believe we will attract are the 70-plus seniors."

Sales in the building will be restricted to buyers 60 and older.

The condos will range in size from around 900 square feet to more than 2,000 square feet.

The contemporary-style building was designed by architects Perkins Eastman of New York and Barry Design Associates of Los Angeles will do the interiors.

Along with the residential units, the tower will contain dining facilities, a fitness center, indoor pool, business center and spa services. A section of the building will also be set aside for residents who require assisted living.

Sunrise Senior Living will open a marketing center for the development in January, and hopes to have the first units ready by late 2007.

A seniors housing developer has taken the wraps off its latest project in North Texas – a 22-story Turtle Creek high-rise.

Virginia-based Sunrise Senior Living has been working since early this year to complete plans for the residential tower on Hall Street.

Now the developer is moving ahead with the building, which will start construction early next year.

The Sterling at Turtle Creek will have 142 condos.

The units will start at between $375,000 and $400,000.

Unlike some other seniors' complexes that are rental or where the residents don't hold a deed to the property, the Sterling tower will be set up as traditional condominiums, said Nanci G. Wechsler, Sunrise Senior Living's national marketing director.

"It's for seniors who really want the advantages of homeownership, including the investment potential," Ms. Wechsler said. "The folks we believe we will attract are the 70-plus seniors."

Sales in the building will be restricted to buyers 60 and older.

The condos will range in size from around 900 square feet to more than 2,000 square feet.

The contemporary-style building was designed by architects Perkins Eastman of New York and Barry Design Associates of Los Angeles will do the interiors.

Along with the residential units, the tower will contain dining facilities, a fitness center, indoor pool, business center and spa services. A section of the building will also be set aside for residents who require assisted living.

Sunrise Senior Living will open a marketing center for the development in January, and hopes to have the first units ready by late 2007.

There was a long article on residential development in downtown Dallas in Monday's Wall Street Journal. Their website is a pay site so I can't copy-and-paste it. But you might want to check it out at the local library in case anyone missed it.

There was a long article on residential development in downtown Dallas in Monday's Wall Street Journal. Their website is a pay site so I can't copy-and-paste it. But you might want to check it out at the local library in case anyone missed it.

Hey cole, did ya make it over to Chase Tower or perhaps the standard Reunion Tower visit? (For photos from up high, that is. . .)

Nah, I was in and out pretty quick for a meeting. I'll try to grab some photos next time I'm there.

__________________"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."

Hey cole, did ya make it over to Chase Tower or perhaps the standard Reunion Tower visit? (For photos from up high, that is. . .)

Nah, I was in and out pretty quick for a meeting. I'll try to grab some photos next time I'm there.

__________________"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."